Keyword: oil

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  • Oil swoons below $95

    09/30/2014 10:07:50 PM PDT · by Rabin · 8 replies
    alarabiya, Reuters ^ | Tuesday, 30 September 2014 | Staff
    World oil prices tumbled to their lowest in more than two years on Tuesday, with U.S. crude posting its biggest daily decline since 2012... the U.S. dollar rose.
  • U.S. about to pass Saudi Arabia as largest liquid petroleum producer

    09/30/2014 8:26:35 PM PDT · by 2ndDivisionVet · 13 replies
    Hot Air ^ | September 30, 2014 | Bruce McQuain
    The Financial Times [subscription] is reporting that the US is poised to become the world’s largest producer of liquid petroleum (oil and natural gas liquids): US production of oil and related liquids such as ethane and propane was neck-and-neck with Saudi Arabia in June and again in August at about 11.5m barrels a day, according to the International Energy Agency, the watchdog backed by rich countries. With US production continuing to boom, its output is set to exceed Saudi Arabia’s this month or next for the first time since 1991. [...] Rising oil and gas production has caused the US...
  • Fracking is evolving, showing industry can do better

    09/30/2014 9:24:15 AM PDT · by thackney · 12 replies
    Houston Chronicle ^ | September 29, 2014 | Chris Tomlinson
    Fracking is evolving. There are mutant wells in the Eagle Ford that are producing four times more oil and gas than hydraulically-fractured wells did in 2010. In Pennsylvania, the wells are using less water because drillers are recycling. And in North Texas, the number of earthquakes have dropped dramatically since the good people of Azle through a fit and convinced the Texas Railroad Commission to hire a seismologist to investigate. When you include the demand that drillers take more care in completing their wells to avoid contaminating the ground water, the only conclusion is that the oil and gas industry...
  • Would Midterm Loss Crack Stonewall On Keystone Pipeline?

    09/30/2014 4:59:38 AM PDT · by Kaslin · 5 replies
    Townhall.com ^ | September 30, 2014 | Byron York
    The federal government recently began its seventh year of considering whether to approve construction of the Keystone XL pipeline. Nearly all that time has passed under the administration of President Obama, who seems content never to decide the pipeline's fate. That way, it wouldn't be built, which would please the president's supporters on the liberal environmental fringe, but would never be explicitly rejected, which could offend everybody else. It's striking to see an administration stonewalling an issue with so much popular support on the other side. A Washington Post-ABC News poll in March found that 65 percent favor building the...
  • EXXONMOBIL INCREASES WOLFCAMP POSITION IN PERMIAN BASIN

    09/30/2014 4:52:56 AM PDT · by thackney · 2 replies
    Oil & Gas Financial Journal ^ | September 19, 2014 | Exxon Mobil Corp.
    Exxon Mobil Corp. (NYSE:XOM) has entered into a non-monetary exchange agreement with LINN Energy LLC (NASDAQ: LINE) to add 17,800 net acres in the Permian Basin to its US oil and natural gas portfolio managed by subsidiary XTO Energy Inc. “Our operated-acreage position in the Midland Basin Wolfcamp core is now around 120,000 net acres. We continue to increase drilling activity in the play, currently operating six horizontal rigs, and are very encouraged by initial well results.” In the exchange, LINN Energy will receive interest in about 500 net acres from ExxonMobil’s South Belridge Field near Bakersfield, California. In the...
  • Mexican Cartels Steal Billions From Oil Industry

    09/29/2014 7:37:22 PM PDT · by Rabin · 3 replies
    Associated Press| ^ | September 25, 2014 | Mark Stevenson
    CIUDAD MIER, Mexico (AP) — Mexico adjusted 75 years of crony-corruption to reform its state-owned oil industry. As it prepares to develop rich Gulf Coast shale fields just south of Brownsville, and attract foreign investors. Brutal "drug" cartels rule Tamaulipas and are stealing billions of dollars' worth of oil from pipelines. Figures released by Petroleos Mexicanos last week show the gangs are have drilled 2,481 taps into the pipelines. Pemex estimates it's lost some 7.5 million barrels worth $1.15 billion. Pemex director Emilio Lozoya (a friend of Eric), called the trend "worrisome."
  • Massive Arctic Oil Discovery - Rosneft Elated, XOM Adheres To Sanctions

    09/29/2014 10:54:40 AM PDT · by thackney · 47 replies
    Oil Pro ^ | 9/28/2014 | Jeff Reed
    Rosneft and ExxonMobil have discovered oil in an area that may turn out to contain more hydrocarbons than the US Gulf of Mexico. Over a month ago, Oilpro member Jeffrey Lareau reported that ExxonMobil and Rosneft had begun drilling a $700 million well in the Kara Sea in the Arctic, despite intensified measures taken by the US and EU against Russia for its actions in Ukraine. The Universitetskaya-1 well (Russia's northernmost well) is the first of as many as 40 offshore wells Rosneft said it planned to drill in order to assess the potential of the unexplored Arctic by 2018....
  • Rosneft, Exxon (NYSE:XOM) Arctic Well Strikes Oil

    09/28/2014 2:08:02 AM PDT · by GonzoII · 5 replies
    Live Trading News ^ | Sep 28, 2014 | Paul Ebeling
    Russia has discovered what may prove to be a vast deposit of Crude Oil in 1 of the world’s most remote places with the help of America’s largest energy company, Exxon (NYSE:XOM). Russia’s state-run OAO Rosneft (PINK:RNFTF) said a well drilled in the Kara Sea region of the Arctic Ocean with Exxon Mobil Corp. (NYSE:XOM) struck oil, showing the region has the potential to become one of the world’s most important crude-producing areas. The announcement was made by Rosneft’s CEO Igor Sechin, who spent 2 days sailing on a Russian research ship to the drilling rig where the find was...
  • Climate Marchers' Conundrum: Whether To Embrace Shale Gas?

    09/27/2014 5:20:42 PM PDT · by 2ndDivisionVet · 23 replies
    Forbes ^ | September 26, 2014 | Ken Silverstein
    President Obama, Ban Ki-moon and 300,000 others showed up in New York City this week to support the use of modern technologies and cleaner fuels. But at least four notable heads-of-state stayed home, each of whom is just as important in the battle against global warming. Missing: China, India, Russia and Canada. While it may seem hard to reconcile that some of the globe’s biggest polluters skipped the event — they still sent delegations as a show of respect — it is not necessarily a blow to the cause. That’s because of unconventional shale gas — and the wealth of...
  • Monitoring Group: Air Strikes Hit Oilfields & Islamic State Bases in Syria

    09/26/2014 1:00:21 PM PDT · by thackney · 11 replies
    Rig Zone ^ | September 26, 2014 | Reuters
    Air and missile strikes, thought to be carried out by U.S.-led forces, hit oilfields and Islamic State bases in the eastern Syrian province of Deir al-Zor overnight and early Friday, a monitoring group said. U.S.-led forces started bombing Islamic State militants in northern and eastern Syria on Tuesday. The United States has been bombing bases of the al Qaeda splinter group in Iraq since last month. The Friday morning air strikes hit Islamic State bases and positions on the outskirts of the city of al-Mayadin, said the Britain-based Syrian Observatory for Human Rights, which monitors the conflict through a network...
  • The Green war: To protect the environment, coalition will let ISIS keep major oil wells

    09/25/2014 8:11:48 PM PDT · by SeekAndFind · 23 replies
    Hotair ^ | 09/25/2014 | NOAH ROTHMAN
    This week, coalition forces took the fight against ISIS to Syria where the Islamic State not only maintains most of its command and control infrastructure but also its petroleum-based sources of revenue. Ed Morrissey has the details on coalition strikes which for the first time targeted mobile petroleum refineries under ISIS control. “[CBS News reporter David] Martin says 12 small-scale oil refineries were hit in the eastern desert of Syria,” a CBS report revealed. “According to the Pentagon, the refineries produced between 300 and 500 barrels of petroleum a day, which ISIS used to power its own vehicles and...
  • A Green Scam

    09/25/2014 11:52:18 AM PDT · by rktman · 4 replies
    nationalreview.com ^ | 9/25/2014 | Kevin D. Williamson
    In this corner, we have a human-rights lawyer representing the interests of indigenous people in the Amazon residing in a remote corner of Ecuador polluted by the by-products of oil exploration; in the opposite corner we have Chevron, a multinational petroleum behemoth with billions of dollars in cash on hand but refusing to part with a dollar in the cause of justice for the beleaguered Ecuadorian tribesmen. It is a testament to the vapidness, incuriosity, and corruption of the intellectual classes, from the editors of Vanity Fair to celebrity activists such as Mr. and Mrs. Sting, that this black-hats/white-hats version...
  • TAPS and Keystone Have Similar Environmental Issues But One Critical Difference

    09/25/2014 9:46:00 AM PDT · by thackney · 4 replies
    Oil Pro ^ | 9/25/2014 | Allen Brooks
    The proposed 1,200-mile Keystone XL pipeline from Hardisty, Alberta, Canada to Steele City, Nebraska may be the second most famous crude oil pipeline in American history after the 800-mile Trans-Alaska Pipeline. One has yet to be built while the other has been operating since 1977, but the two pipelines share a common history marked by environmental controversy in its approval process. The TAPS line, as the Trans-Alaska Pipeline became known as, was proposed in 1969 to move the recently discovered Alaskan North Slope oil to the Lower 48 market via tanker from the Port of Valdez. The Prudhoe Bay oil...
  • Eagle Ford pumps close to 90 billion into ecomony

    09/25/2014 7:00:27 AM PDT · by q_an_a · 8 replies
    Dallas Business Journal ^ | 9.24.14 | James Aldridge
    Oil and natural gas production in Eagle Ford Shale generated an estimated $87 billion in total economic output for Texas and supported nearly 155,000 full-time jobs in 2013. That’s according to a new study released Tuesday by the University of Texas at San Antonio Institute for Economic Development. The shale region, which encompasses a 21-county, and generated more than $4.4 billion in tax revenue to local and state governments in 2013. Based on these updated figures, UTSA projects that the shale region will support more than 196,000 jobs and generate $137 billion in total economic output for Texas by 2013.
  • Saudi Arabia uses largest amount of crude oil for power generation since 2010

    09/25/2014 5:50:26 AM PDT · by thackney · 9 replies
    Energy Information Administration ^ | SEPTEMBER 24, 2014 | Energy Information Administration
    Saudi Arabia is one of a handful of countries that burn crude oil directly for power generation, according to the Joint Organizations Data Initiative (JODI). During the summer, Saudi Arabia typically experiences an increase in electricity consumption as domestic demand for air conditioning rises. Saudi Arabia burned 0.9 million barrels per day (bbl/d) of crude oil in July, the highest ever recorded in JODI data for the month of July and the highest overall since August 2010. Saudi Arabia used an average of 0.7 million bbl/d of crude oil for power generation during the summers from 2009 to 2013. During...
  • Mexican cartels steal billions from oil industry

    09/25/2014 5:43:01 AM PDT · by thackney · 9 replies
    Fuel Fix ^ | September 25, 2014 | Associated Press
    Mexico overcame 75 years of nationalist pride to reform its flagging, state-owned oil industry. But as it prepares to develop rich shale fields along the Gulf Coast, and attract foreign investors, another challenge awaits: taming the brutal drug cartels that rule the region and are stealing billions of dollars’ worth of oil from pipelines. Figures released by Petroleos Mexicanos last week show the gangs are becoming more prolific and sophisticated. So far this year, thieves across Mexico have drilled 2,481 illegal taps into state-owned pipelines, up more than one-third from the same period of 2013. Pemex estimates it’s lost some...
  • Pentagon: New airstrikes target refineries used by ISIS in Syria

    09/24/2014 4:34:04 PM PDT · by plain talk · 48 replies
    CNN.com ^ | September 24, 2014 | CNN
    U.S. and coalition warplanes pounded ISIS positions in eastern Syria on Wednesday, targeting what a Pentagon official described as mobile oil refineries being used by the so-called Islamic State terror group.
  • (Kansas) AG Schmidt: Fight over Lesser Prairie Chicken to be settled in Tulsa ( OK )

    09/24/2014 7:09:00 PM PDT · by george76 · 7 replies
    KSN TV ^ | September 23, 2014
    Kansas – A federal judge has decided a lawsuit challenging increased federal regulation of economic activity and land use in the area that is habitat for the Lesser Prairie Chicken will be litigated in Oklahoma and not transferred to Washington, D.C., Kansas Attorney General Derek Schmidt said today. The decision yesterday by U.S. District Judge James H. Payne is the second time in the last two months that the federal judiciary has rejected an attempt by the federal government to move the litigation from Oklahoma to Washington, D.C. “This is good news for Kansas,” Schmidt said. “It means our case...
  • Suncor sends its first tanker of Western Canada heavy crude to Europe

    09/24/2014 10:32:24 AM PDT · by thackney · 23 replies
    Reuters ^ | Sep 23, 2014 | Reuters
    Canada's largest oil and gas producer, Suncor Energy Inc, is shipping its first ever tanker of Western Canadian heavy crude from Canada's East Coast to Europe, a company spokeswoman said on Tuesday. Suncor spokeswoman Sneh Seetal confirmed Reuters shipping data that shows the aframax tanker Minerva Gloria was set to pick up a cargo of crude oil from the port of Sorel-Tracy on the St. Lawrence River in Quebec. Seetal declined to comment on where in Europe the crude cargo is going, citing commercial confidentiality. According to Reuters data it will be discharged in the Mediterranean. The crude was delivered...
  • Shale boom buoys businesses far removed from oilfields

    09/24/2014 5:30:31 AM PDT · by thackney · 10 replies
    Fuel Fix ^ | September 23, 2014 | Rhiannon Meyers
    From steel pipe manufacturers to companies that produce sand and gravel, the U.S. shale boom is buoying businesses far removed from the oil and gas fields, a new study finds. These companies are benefiting from the huge investments needed to explore, produce, process and transport oil and gas unlocked from previously inaccessible dense rock formations through advances in hydraulic fracturing and horizontal drilling, according to the findings by Houston-based energy analyst firm IHS. The boom has been most generous to companies working in states with the most oil and gas activity, but the economic boost has also trickled down to...
  • ICYMI: Weld Co. Has Biggest Employment Jump in Nation [Colorado]

    09/23/2014 11:25:23 PM PDT · by Vince Ferrer · 5 replies
    Colorado Peak Politics ^ | September 23, 2014 | ColoradoPeakPoltics
    With all the insanity with polling and political news last week, it was easy to miss this shocking headline – Weld County Had Largest Percentage Increase in Employment Nationally. That’s right, Weld County had the largest increase in employment not just in Colorado, but across the entire country. From The Denver Post: “Hiring in Weld County continues to outpace employment gains among the nation’s 339 largest counties, led by new jobs in construction and oil and gas, according to the U.S. Bureau of Labor Statistics….Drilling has helped employment in the region grow more quickly than the state or nation, kept...
  • Shale Revolution Deniers Face An Inconvenient Truth

    09/24/2014 5:01:46 AM PDT · by 2ndDivisionVet · 5 replies
    Investor's Business Daily Brain Trust ^ | September 23, 2014 | Mark Perry
    Despite turning the U.S. into the world's largest producer of natural gas and driving a 3 million barrel per day surge in U.S. oil production in just the last three years, the shale revolution still has its doubters. They couldn't be more wrong. The Montreal-based Centre for Research on Globalization recently dismissed shale fracking as a "Ponzi scheme" and "this decade's version of the dot-com bubble" that's about to burst. But time and again over decades, the naysayers and "peak oil" advocates have grossly underestimated the energy industry's ability to innovate and beat production forecasts. Today's shale pessimists continue to...
  • Grain Piles Up, Waiting for a Ride, as Trains Move North Dakota Oil

    09/23/2014 2:16:10 PM PDT · by Ray76 · 25 replies
    New York Times ^ | Aug 25, 2014 | Ron Nixon
    The furious pace of energy exploration in North Dakota is creating a crisis for farmers whose grain shipments have been held up by a vast new movement of oil by rail, leading to millions of dollars in agricultural losses and slower production for breakfast cereal giants like General Mills. [] reports the railroads filed with the federal government show that for the week that ended Aug. 22, the Burlington Northern Santa Fe Railway — North Dakota’s largest railroad, owned by the billionaire Warren E. Buffett — had a backlog of 1,336 rail cars waiting to ship grain and other products....
  • Dangers Aside, Railways Reshape Crude Market

    09/23/2014 1:05:22 PM PDT · by thackney · 31 replies
    Wall Street Journal ^ | Sept. 21, 2014 | RUSSELL GOLD and CHESTER DAWSON
    In May 2008, a locomotive with a grizzly bear painted on its side pulled into a railroad siding next to an abandoned grain elevator in the ghost town of Dore, N.D. The engine, property of the Yellowstone Valley Railroad, hitched up a couple of tank cars of crude from nearby oil wells and set off on a thousand-mile journey to Oklahoma. Dore would never be the same—and neither would the U.S. energy industry. Until then, most oil pumped in North America moved around the continent in pipelines. Suddenly, and just as the oil industry began a period of unprecedented growth,...
  • Higher Permian production, constrained infrastructure increase spread between WTI oil hubs

    09/23/2014 12:47:48 PM PDT · by thackney · 2 replies
    Energy Information Administration ^ | SEPTEMBER 23, 2014 | Energy Information Administration
    Increasing production of crude oil in the Permian Basin in western Texas, and parts of New Mexico, has outpaced pipeline infrastructure to move the crude to refineries, causing prices for crude in the Permian Basin (at Midland, Texas) to fall below similar crudes priced at Cushing, Oklahoma. While the price difference between Midland and Cushing has been increasing for almost a year, recent refinery outages in the region caused it to widen substantially. Several infrastructure projects that will allow more crude to flow from the Permian to the U.S. Gulf Coast are expected to come online soon, which should cause...
  • Southeast NM Flooding: Evacuees return home; Oilfields closed; flash flood watch continues

    09/23/2014 7:29:56 AM PDT · by george76 · 12 replies
    KOB Eyewitnes News 4 ^ | 09/22/2014 | Elizabeth Reed
    We're just praying there's no more rain, that our house is going to stay the same. But whatever happens, God has his plan," said Jennica Granger. OILFIELD ROADS FLOODED OUT. People living in Carlsbad caught a break from the rain Monday, but it's little consolation to people who've been hit in the pocketbook by all the flooding. The Pecos River is swollen, bridges are washed over and roads are closed. The San Jose Bridge was overrun by water early Monday morning, and the sidewalk near the bridge was washed out. The water level has gone down along the Pecos River,...
  • A Four-Step Energy Strategy For Our Time

    09/23/2014 6:20:58 AM PDT · by thackney · 8 replies
    Real Clear Energy ^ | September 23, 2014 | Mark Mills
    It's a sign of the times: The Islamic State is getting millions in oil revenues. According to one news organization, the terror group is even recruiting petroleum engineers. And farther north, Ukrainian president Petro Poroshenko secured a promise from the White House last week for the U.S. to join in a review of his country's Russian energy entanglements. Meanwhile, North Dakota's shale fields just passed 1 million barrels per day of production, a milestone only three fields in the U.S. have reached. For context, only ten shale fields have reached it in world history. These events point to the need...
  • The Oil “Market:” Time to Get off This Rollercoaster

    09/22/2014 9:55:28 AM PDT · by Kaslin · 33 replies
    Townhall.com ^ | September 22, 2014 | Ken Blackwell
    One look at today’s headlines will tell you that events around the world seem more unpredictable and chaotic than ever. Russia is showing no sign of backing down in Ukraine, even under increasing sanctions. The terrorist group, the Islamic State of Iraq and the Levant (ISIL) continues to wreak havoc in the Middle East, energized by up to $2 million a day in captured oil revenues. And political violence from Iraq to Libya continues to escalate. Americans are stuck wondering what, if anything, we can and should be doing. In the midst of all this chaos, oil prices were expected...
  • So Why Are We Allowing ISIS to Export Oil?

    09/22/2014 9:04:53 AM PDT · by Mount Athos · 39 replies
    American Thinker ^ | September 22, 2014 | Russ Vaughn
    [...] ISIS is a self-funding movement due to its control of producing oil fields in Northern Iraq. King Abdullah of Jordan estimated the ISIS revenues from energy production were approximately $6,000,000 per day, a helluva lot of income for a ragtag terrorist organization. [...] When I heard that my immediate response was to look at my spouse in astonishment and yell, “What the hell? Why are we allowing them to do that?” That question should be one that every tuned-in citizen asks of his elected representatives in Washington. To gather production from an oilfield into a central, marketable product requires...
  • Rockefellers, Heirs to an Oil Fortune, Will Divest Charity From Fossil Fuels

    09/22/2014 5:29:29 AM PDT · by Zakeet · 15 replies
    NY Times ^ | September 21, 2014 | John Schwartz
    John D. Rockefeller built a vast fortune on oil. Now his heirs are abandoning fossil fuels. The family whose legendary wealth flowed from Standard Oil is planning to announce on Monday that its $860 million philanthropic organization, the Rockefeller Brothers Fund, is joining the divestment movement that began a couple years ago on college campuses. The announcement, timed to precede Tuesday’s opening of the United Nations climate change summit meeting in New York City, is part of a broader and accelerating initiative. In recent years, 180 institutions — including philanthropies, religious organizations, pension funds and local governments — as well...
  • Fighting Close to Libyan Oilfield, Refinery as Rival 'Oil Minister' Appears

    09/22/2014 5:21:54 AM PDT · by thackney · 1 replies
    Reuters via Rig Zone ^ | September 22, 2014 | Ayman al-Warfalli & Feras Bosalum
    Soldiers and police have clashed in the last few days near Libya's biggest El Sharara oilfield in the south, while separate fighting erupted in the west not far from the Zawiya refinery, residents and medics said. The violence came as video emerged on social media purportedly showing a rival oil minister appointed by an armed opposition group controlling the capital Tripoli giving a speech at the oil ministry. If confirmed this could mean the central government has lost control of the oil ministry, potentially paralysing vital oil exports over questions of ownership. Apparently speaking from the office of the deputy...
  • N.D. oil boom ignites cash-spending splurge

    09/21/2014 2:37:53 PM PDT · by thackney · 24 replies
    Star Tribune ^ | September 21, 2014 | PAM LOUWAGIE
    The workers sometimes come in with stacks of $100 bills, their jeans and boots still covered in oil field mud as they scour the glass jewelry counter looking for clean sparkle. One oil field worker plopped down $25,000 for a diamond for his girlfriend back home. Many others settle on $1,000 necklace pendants in the shape of a tiny oil derrick, a diamond anchoring the bottom where the oil would be. “These guys spend lots of money on their women, and there’s plenty of money to be spent,” said Gina Abfalter, a clerk at Ritter Brothers Diamond Cutters downtown. “A...
  • What Drives Anti-Fracking Zealots?

    09/21/2014 8:47:45 AM PDT · by Kaslin · 26 replies
    Townhall.com ^ | September 21, 2014 | Paul Driessen
    Recent news stories underscore the tremendous benefits brought by America’s fracking revolution. * The shale oil production boom could boost US crude production to 9.5 million barrels of oil per day (bopd) next year, reducing America’s crude oil imports to 21% of domestic demand, the lowest level since 1968. Output from fracked wells represents 43% of all US oil production and 67% of natural gas production; its oil could reach 10 million bopd by 2016, the Energy Information Administration says. * The global economy saves $4.9 billion per day in oil spending because of the shale oil boom. Without it...
  • State out $675K grant but still plans to give out millions more in tax money ( Colorado )

    09/21/2014 6:34:28 AM PDT · by george76 · 25 replies
    Watchdog ^ | September 19, 2014 | Arthur Kane
    Four years ago, Kirk Swallow received state money to set up a compressed natural gas filling facility at the Rifle Shell station he co-owns. The Colorado Energy Office, then under Gov. Bill Ritter and known as the Governor’s Energy Office, gave Swallow’s company a $675,000 grant — money from fines collected from companies that violated state regulations. Swallow said he chipped in about $300,000. But, in June, Swallow had to permanently shut down the CNG pumps at 101 Railroad Ave., in Rifle, Colo. He said he was losing money because of increased competition, excessive electricity fees to run the pumps...
  • Oklahoma City oil producer unveils new formation

    09/21/2014 6:08:07 AM PDT · by ckilmer · 14 replies
    <p>OKLAHOMA CITY (AP) -- An Oklahoma City-based energy company has unveiled a new formation in south-central Oklahoma that the company's CEO said will elevate the state as an oil producer.</p> <p>Continental Resources Inc. said western Oklahoma's Springer Shale deposit is in the heart of the South Central Oklahoma Oil Province, Continental's last big discovery, The Oklahoman reported (http://bit.ly/1qk32sd).</p>
  • Why the Permian shale boom transformed US energy markets

    09/20/2014 8:56:02 AM PDT · by ckilmer · 8 replies
    marketrealist ^ | • Sep 18, 2014 10:31 am EDT | By Alex Chamberlin
    Why the Permian shale boom transformed US energy markets By Alex Chamberlin - Disclosure  • Sep 18, 2014 10:31 am EDT U.S. shale boom transformed U.S. energy marketsAccording to the U.S. Energy Information Administration (or EIA), the top seven unconventional oil plays accounted for 95% of domestic oil production growth. They also accounted for all domestic natural gas production growth during 2011–2013.Permian Basin crude oilAccording to the EIA, the Permian Basin in west Texas and eastern New Mexico is the largest crude oil-producing region in the U.S.Enlarge GraphCrude oil production from the Permian Basin increased from 850,000 barrels per day...
  • McConnell: Make me majority leader, I'll give you Keystone XL

    09/19/2014 7:51:37 AM PDT · by thackney · 59 replies
    The Hill ^ | 09/18/14 | Laura Barron-Lopez
    Marking the sixth anniversary of the controversial Keystone XL pipeline's permit application, Minority Leader Mitch McConnell (R-Ky.) teased voters with a preview of what a GOP-controlled Senate would do. "If American people give us the opportunity to be in a majority next year, I'll be setting the agenda," McConnell said. "It's easier to score if you're on offense, and the majority leader is offensive coordinator." He added: "If we have a new majority next year, and a new majority leader, the Keystone pipeline will be voted on on the floor of the Senate, something the current majority has been avoiding...
  • Energy investment boom drives economic recovery

    09/19/2014 7:38:47 AM PDT · by thackney · 9 replies
    The Hill ^ | September 18, 2014 | Derrick Freeman
    Americans seem to have a love-hate relationship with major energy companies. On the one hand, our iconic brands are global leaders and symbols of U.S. technological and economic prowess. On the other hand, Big Energy takes the heat when the public gets restive over rising gas prices, or there’s an extended power outage. A new Progressive Policy Institute (PPI) report highlights an underappreciated fact about energy companies—they are huge investors in the U.S. economy. In fact, along with telecoms and Internet-based businesses, they are leading our economic recovery. Each year, PPI economists Michael Mandel and Diana Carew rank America’s top...
  • KEYSTONE PIPELINE COST EXPECTED TO DOUBLE, TRANSCANADA CEO SAYS

    09/19/2014 7:04:39 AM PDT · by shove_it · 5 replies
    MarketReports ^ | 18 Sep 2014 | WPENGINE
    WASHINGTON– TransCanada Corp.’s chief executive said the cost to build the Keystone XL pipeline, currently estimated at $5.4 billion, is expected to double by the time the U.S. government completes its review of the largest part of the project. Russ Girling, chief executive of the Calgary, Alberta,-based company, in an interview this week said he expects the project’s cost could increase to a “number that gets you into the high single digits to a 10 number.” He was hesitant to say the project’s cost could double. “I was actually trying to avoid saying those words,” Mr. Girling said. “Obviously, the...
  • N. Dakota needs $800 million for housing, schools in wake of oil boom, state GOP says

    09/19/2014 5:39:15 AM PDT · by thackney · 55 replies
    Fuel Fix ^ | September 18, 2014 | Associated Press
    North Dakota Republicans on Wednesday unveiled an $800 million one-time spending plan to address immediate problems tied to the oil boom in the western part of the state.... The proposal includes $475 million to oil-producing counties and cities; $140 million to oil patch hub cities of Williston, Dickinson and Minot; $35 million to county schools affected by oil development; and $150 million for road projects outside of the oil patch.... Ron Ness, president of the North Dakota Petroleum Council, said infrastructure needs and a shortage of workers are the biggest challenges facing North Dakota’s energy sector. The state has more...
  • Canada’s Shale Boom: More To Come In Montney

    09/18/2014 3:56:54 PM PDT · by bananaman22
    Oilprice.com ^ | 18/09/2014 | James Burgess
    In the world of a constantly changing oil and gas environment, the Montney shale basin is the sleeping giant that holds the key to accelerating Canada’s shale oil and gas boom, but the real treasure within this giant is a tight liquids-rich zone (approximately 15-20 miles wide) that has big and small players alike narrowing their focus for the potential of a giant payout. A pervasive hydrocarbon system in the Western Canada Sedimentary Basin (WCSB) in Alberta and British Columbia, the Montney is estimated to hold 2,200 trillion cubic feet of gas, almost 29 billion barrels of natural gas liquids...
  • Oil and gas companies court military veterans as shale boom grows

    09/18/2014 10:09:00 AM PDT · by thackney · 9 replies
    EagleFordTexas.com ^ | 9/16/2014 | Shane Thielges
    John MacZura, an Army infantry veteran, started work a week after graduation. Before receiving his petroleum engineering degree from Penn State in 2013, Mr. MacZura, 30, had already piqued the interest of five or six oil and gas companies. He had job offers from three. He eventually joined Houston-based Cabot Oil and Gas, where he now works as a completions engineer. “The military plays a large part in how I got to where I’m at today,” said Mr. MacZura. He spent four years stationed at the Schofield Barracks in Hawaii and two in the National Guard. “I can’t say I...
  • What Offshore Oil Might Mean for an Independent Scotland

    09/18/2014 8:10:43 AM PDT · by thackney · 3 replies
    American Interest ^ | September 17, 2014 | WALTER RUSSELL MEAD & STAFF
    There’s still plenty left to parse ahead of Scotland’s historic independence referendum tomorrow, not the least of which are very real concerns over what a “yes” vote might mean for the country’s energy ambitions. The North Sea is lousy with oil deposits (though production from many of these seems to be tapering off), and many of the pro-independence agitators have campaigned on a desire to claim more of the revenues from these offshore plays. But as the New York Times reports, these fields could prove fractious for the Scotland-UK relationship: [A] yes vote on Thursday could lead to protracted wrangling...
  • US shale oil growth covers up production drop in rest-of-world

    09/18/2014 7:24:16 AM PDT · by ckilmer · 19 replies
    resilience ^ | Sep 17, 2014 | by Matt Mushalik,
    US shale oil growth covers up production drop in rest-of-world by Matt Mushalik, originally published by Crude Oil Peak  | Sep 17, 2014  We use the period starting with January 2010 when crude production had come back to 2005 levels after the exceptional year of 2009.Fig 1: US crude oil vs crude oil in rest-of-world   While US shale oil production is growing, there was a drop in crude production in the rest of world since February 2012 of almost 2 million barrels/d. How did this come about? As usual, there is decline and growth and then we have geopolitics....
  • Medlock: Without oil exports, drilling rigs could flee U.S.

    09/18/2014 5:28:00 AM PDT · by thackney · 67 replies
    Fuel Fix ^ | September 17, 2014 | Jennifer A. Dlouhy
    It will take a “train wreck” of falling prices, declining oil production and idle drilling rigs before the United States lifts its longstanding ban on exporting crude, a noted economist predicted Wednesday. Analysts have warned those are the possible outcomes if existing discounts on U.S. crude grow even larger and domestic oil production exceeds the ability of the nation’s refiners to process it. And while oil producers are beseeching the Obama administration and lawmakers to ease the export ban now — heading off any such “day of reckoning” — Rice University economist Kenneth Medlock said political action probably will lag...
  • Libya Shuts Down Largest Oilfield After Rebel Attacks

    09/17/2014 10:43:20 AM PDT · by thackney · 7 replies
    Oil Pro ^ | 9/17/2014 | Abisha Rabiyah
    Production has been halted at Libya's largest oilfield- the Sharara field- after a rocket attack at the connected Zawiya refinery, threatening nearly 30% of the country's production, Bloomberg reported Wednesday. A rocket exploded near a crude storage tank at the Zawiya refinery. The field was completely shutdown last evening following the discovery of damage to a 300,000 barrel crude storage tank at the facility, Mansur Abdallah, director of oil movement at the Zawiya refinery, told Bloomberg by phone. Prior to the disruption, the Sharara field produced approximately 250,000 bpd. Production was shut down as a precautionary measure after an attack...
  • Islamic State Funds Push Into Syria and Iraq With Labyrinthine Oil-Smuggling Operation

    09/17/2014 5:34:46 AM PDT · by thackney
    Wall Street Journal ^ | Sept. 16, 2014 | BENOÎT FAUCON and AYLA ALBAYRAK
    The Islamic State is funding its rapid push into Syria and Iraq with a labyrinthine oil-smuggling operation that starts at seized Syrian oil fields, goes through makeshift refineries and can end up in jerrycans carried by mules into the hilly borderland of Turkey. Amid Western pressure to squeeze the group's finances, Turkey is expanding efforts to crack down on the increasingly organized business, which is now generating an estimated $2 million a day. A major route linking Syrian oil fields with the smuggling enclaves of southern Turkey offers a window onto the complexity of the oil network run by Islamic...
  • Feds reveal details on Shell’s Arctic ambitions

    09/17/2014 5:01:54 AM PDT · by thackney · 2 replies
    Fuel Fix ^ | September 16, 2014 | Jennifer A. Dlouhy
    More details came to light Tuesday on Shell’s plans for exploratory oil drilling in the Chukchi Sea north of Alaska, as federal regulators released a copy of the company’s broad Arctic drilling blueprint. Shell filed the document with the Bureau of Ocean Energy Management last month, a milestone in its quest to resume drilling in the region after its previous, attempt two years ago was marred by mishaps. Shell is aiming to drill up to six wells on separate lease blocks encompassing its Burger prospect in the Chukchi Sea, with work unfolding over several years. It plans to put two...
  • Landmark fracking study finds no water pollution

    09/16/2014 1:43:10 PM PDT · by Olog-hai · 14 replies
    Associated Press ^ | Sep 16, 2014 3:05 PM EDT | Kevin Begos
    The final report from a landmark federal study on hydraulic fracturing, or fracking, found no evidence that chemicals or brine water from the gas drilling process moved upward to contaminate drinking water at a site in western Pennsylvania. The Department of Energy report, released Monday, was the first time an energy company allowed independent monitoring of a drilling site during the fracking process and for 18 months afterward. After those months of monitoring, researchers found that the chemical-laced fluids used to free gas stayed about 5,000 feet below drinking water supplies. Scientists used tracer fluids, seismic monitoring, and other tests...
  • Juan McShame going INSANE at ISIS hearing!

    09/16/2014 7:44:43 AM PDT · by Viennacon · 47 replies
    Me | 9/16/2014 | Viennacon
    I hope people are watching this. Such insanity would typically end in someone being ejected from the party John McCain, the hideous terrorist aider DEMANDING the US military attack Assad's regime in Syria and send heavy weapons to the 'moderate' opposition, also known as mega extremists just like those guys in Libya we gave stinger missiles to. Another reason to NOT let McConnell back in the senate. He will continue to send the most unstable man in the country to this vital committee. STOP ARMING TERRORISTS WHO HATE AMERICA!